In order to catch up the international trend, ¡§Expensing employee bonus¡¨ has been implemented in Taiwan since year 2008. Hence, all the cost concerning employees¡¦ bonuses have been recorded as expense in the income statement and recognized by fair market value. Since the company decides total amount of employees¡¦ bonuses after authorized by the board and annual general meeting, it can distribute the proportion of cash and stock bonuses. As the result of calculating the stock bonus by stock¡¦s fair value, employees gain much less stocks than before, which lessen the encouragement effect. Therefore, enterprises begin to increase the standard salary of employee or proportion of cash bonus. This study collects the data from the fourth quarter of year 1989 to the third quarter of 2009, and chooses the Taiwan Weighted Stock Index and the stock prices of listed electronic firms in Taiwan. Using the Markov Regime Switching Model as the research method, and add the macroeconomic and financial variables to separate the stock price into two regimes- recession and expansion regime. This research is in the employee¡¦s shoes, and to study what stock incentives strategies the company should adopt under the required expensing of employee stock bonus. The empirical results are summarized as follows: 1.Under the expansion regime, if the company¡¦s stock price was affected by both macroeconomic and financial variables, it will more likely rise further, which leads to the large gap between two regimes. For example: Cyberlink, Acer and Mediatec, which stock price gaps are over ten dollars. 2.According to the two arguments of this study: the company with long duration of expansion regime and is influenced by macroeconomic and financial variables should adopt the strategies based on stock bonus. Therefore, according to the empirical results, the study suggests that Acer is the suitable company to do the strategies.